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Shares of Fine Organic Industries jumped over 13 percent in the early trading session on Friday, November 11 after the company reported a 306.32 percent increase in the net profit in the September quarter (Q2FY23).
During Friday’s trade, the stock opened at a price of Rs. 6,600 per share against the previous close of Rs. 5,938.45 and surged further to touch an intraday high of Rs. 6,750. However, the stock failed to hold onto this rally and was trading at ₹6,208.55, up by 4.55 percent at 11:15 am, on the NSE.
The stock touched a 52-week-high of Rs. 7,328.75 on September 14, 2022 and a 52-week-low of Rs. 3,272 on November 12, 2021, indicating that at the current levels, the stock is trading almost 90 percent above its 52-week low and 15.2 percent below its 52 week high.
The stock has returned nearly 38 percent to its shareholders in the past six months. Moreover, the stock has shown a growth of 63 percent year-to-date. In the last five years, the shares of the company have grown by over 666 percent.
On Thursday, Fine Organic Industries announced its quarterly results for the second quarter of the financial year 2023. It outlined an increase of 306.32 percent in the net profits to ₹202.63 crore in the quarter that ended September 2022 as against ₹49.87 crore during the previous quarter that ended September 2021, reported Business Standard.
Sales of the company rose 109.66 percent to ₹919.17 crore in the quarter that ended September 2022 in comparison to ₹438.40 crore during the same quarter previous year that ended September 2021.
Fine Organic Industries Ltd., founded in 2002, is a mid-cap business with a market capitalization of ₹18,324.70 crore functioning in the chemicals industry. The company is engaged in manufacturing, processing, supplying, distributing, dealing, importing, and exporting of oleochemical-based green additives used in foods, plastics, cosmetics, coatings, and other specialty application in various industries.
According to a Mintgenie poll, an average of 10 analysts have a ‘HOLD’ call on the stock.